SunSirs: Bearish Sentiment, China Palm Oil Market is Falling
May 14 2024 15:09:20 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the palm oil market fell last week, with a mainly oscillating decline. On May 6th, the average price of palm oil in the market was 7,916 RMB/ton. On May 10th, the average price of palm oil in the market was 7,770 RMB/ton, a decrease of 1.84%.
After the May Day holiday, domestic palm oil futures were boosted by the external market and saw a rebound, with spot prices following suit. Due to the lackluster demand for terminal oil consumption, the palm oil futures market experienced a correction after rebounding. Last week, the spot price of palm oil fluctuated downward, with the average market price dropping to 7,770 RMB/ton, a decrease of nearly 2%.
SunSirs agricultural product analyst believes that with the arrival of summer, the demand for terminal oil consumption is flat, and the palm oil market is under pressure to rise in the future.
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